If you’re looking to become a first-time new car owner, there are several costs to consider before pulling the trigger. Below, these costs are discussed to help you determine whether you actually have the income to make that first purchase.
1. Car Payment
With so many new vehicles going for well over $20,000, car payments can be cost-prohibitive. If you don’t have at least $300 a month to dedicate to a car payment, you’ll be hard-pressed to find a new car within your price range. If you’re looking for a model higher than base, you will be paying significantly more per month.
All drivers must have car insurance Maitland FL. Before you can secure a car loan, you will need proof of car insurance. Shop around a bit to find the lowest premium available to you. Remember to keep the insurance coverage at a reasonable level. Failure to keep an appropriate level of car insurance can be financially devastating in the event that you are in an accident with damages exceeding the coverage of the insurance policy.
Once you own a car you’ll want to keep it in good working condition. In order to do so, you must have it serviced regularly. Some dealerships will throw in free oil changes for a few years just for making a purchase with them, so that is something to consider when shopping around. In addition, you’ll need other fluids regularly checked and filled, tires rotated and replaced, and brakes changed at the appropriate intervals.
Car engines run on fuel, so you’ll obviously need to factor in that cost when calculating how much your car will really cost.
Purchasing a new vehicle is exciting, but don’t forget to be aware of the car payment, insurance premium, maintenance fees and fuel costs in order to determine the true cost of owning a new car.